PAL reports six months net profit of $24.67 million

February 15, 2023

Palace Amusement Company (PAL) reported six months total revenues of $736.06 million, a 218% increase when compared with the $231.67 million recorded for corresponding period in 2021. Total revenue for the quarter increased 222% to total $486.35 million relative to the $151.15 million recorded for same period in 2021.

Direct Expenses for the six months period amounted to $599.00 million, a 97% increase when compared with the $303.95 million recorded for the same period in 2021. As such, gross profit for the period amounted to $137.06 million versus a gross loss of $72.28 million booked for 2021 corresponding period. Meanwhile, gross profit for the quarter amounted to $137.76 million compared to a loss of $25.25 million for the corresponding quarter of 2021.

Notably, other operating income for the six months totalled $5.34 million relative to the other operating income of $2.15 million booked in same period for 2021. Consequently, operating profit for the six months period amounted to $52.96 million relative to an operating loss of $174.13 million in 2021. For the quarter, operating profit totalled $93.03 million compared to the operating loss of $99.17 million booked in 2021.

For the six months period, finance costs rose from $17.21 million in 2021 to $28.29 million booked in 2022.

There was no taxation charge for the period, as a result, net profit for the six months period amounted to $24.67 million relative to the net loss of $191.34 million recorded in the corresponding period for 2021. For the quarter, net profit amounted to $78.66 million, compared to a loss of $111.65 million recorded for the same quarter in 2021.

Total comprehensive profit for the period amounted to $20.65 million compared to a comprehensive loss of $184.75 million for the corresponding period in 2021.

Consequently, Net profit attributable to shareholders for the period amounted to $24.73 million, versus a loss of $191.29 million booked in the corresponding period in 2021.

Earnings per share (EPS) for the period totalled $17.21 relative to loss per share of $133.12 in 2021. For the quarter, the company recorded profit per share of $54.77 relative to the loss per share of $77.67 for the comparable period in 2021. The twelve-month trailing loss per share is $31.07 and the number of shares used in our calculations is 1,437,028 units. Notably, the stock price for PAL closed the trading period on February 14, 2023 at J$2,420.46

Balance Sheet Highlights:

As at December 31, 2022, the Company reported total assets of $1.71 billion, a 9% decrease when compared to $1.87 billion in the prior year. This decline resulted from ‘Property, plant and equipment’ amounting to $1.06 billion (2021: $1.12 billion).

Shareholders’ Equity as at December 31, 2022 was $404.42 million compared to $450.65 million for the prior year. This resulted in a book value per share of $281.43 compared to $313.60 booked a year ago.

 

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2023-02-15T12:14:03-05:00